Dish, run by Chairman Charlie Ergen, is noticeably absent from those pacts.

The company’s shares recently fell 1.3% to $59.18. The stock is up more than 50% over the past 12 months.

Analysts say the company, which has amassed valuable wireless airwaves, needs a partner to start putting that spectrum to use. The more that the industry consolidates without Dish getting in on the activity, the fewer options it will ultimately have when trying to make a deal.

“We’d be surprised if Charlie Ergen sat on the sideline for long,” Credit Suisse analyst Joseph Mastrogiovanni, wrote in a note. “This deal could be a catalyst that causes Dish to act sooner rather than later.”

Mr. Ergen has said that Dish wouldn’t compete for DirecTV because the price would be too high, but Mr. Mastrogiovanni said he doesn’t necessarily believe him.

“We believe he could get involved,” Mr. Mastrogiovanni wrote Monday. “If nothing else, a higher bid would force the price up on AT&T.”

But others said regulatory hurdles to such a transaction would be far harder for Dish to clear than AT&T.

Jennifer Fritzsche, senior analyst at Wells Fargo Securities, says any potential tie-up between Dish and DirecTV “likely would have sounded more regulatory alarms.”

Ultimately, said J.P. Morgan analyst Philip Cusick, “a Dish-DirecTV deal would be very difficult from a regulatory standpoint and likely take longer to approve.” That would mean “the Dish bid would likely have to come at a very substantial premium to AT&T’s to have the DirecTV board change their recommendation,” he said.

Other options include negotiating a deal with Verizon Communications Inc., making a bid for T-Mobile or partnering with Sprint to build a wireless network, said Mr. Mastrogiovanni.

Still, Verizon has said it isn’t in the market for another big deal. It completed its $130 billion acquisition of U.K.-based Vodafone PLC’s 45% stake in their wireless joint venture this year, and the U.S. carrier has said it is focused on integrating its wireless and wireline businesses.

On a recent conference call, Mr. Ergen said the company’s strategy was to be prepared for all options. “We have to be well-positioned so that no matter what happens it’s all good for us, and I think we’re there,” he said.

Bottom line, Dish has fewer options following this weekend’s deal. But if the past is any prelude, Dish will likely get creative. Don’t expect Mr. Ergen to sit idly by as the rest of his industry continues to consolidate.